A draft is currently being examined by the National Securities Commission (CNVM). "If the Authority approves this in due time, we can estimate that the first day of the offer will be November 27," according to Transgaz General Manager, Ioan Rusu.

With its IPO, Transgaz aims to attract some €66 million, at a price of €57 per share. Brokers on the capital market say the offer could be over-subscribed as much as 10 times, and the price of a Transgaz share could increase by at least 30 percent in the first day of trading. The total investment in the gas transportation company's shares could amount to €600 mln.

Some 60 percent of the Transgaz shares listed on BVB will be intended for large investors, with a subscription value of at least €0.14 mln for a share package. The remaining shares will be available to smaller investors, with a subscription value of at least €580.

Analysts expect the Transgaz IPO to be more attractive for investors than previous initial offers. To date, the highest degree of over-subscription for an IPO was the listing of aluminum producer Alumil, when investors over-subscribed the offer a staggering 16 times.